In the modern area of largely unrestricted flows in capital and goods, the external value of its currency stands pivotal to a country's ability to progress and prosper in that environment. Any responsible govt. should accordingly have some idea of the "sweet spot range" in which its currency crosses should trade, particularly relative to its major trading partners. Allowing extended periods of currency overvaluation stimulated by relative interest rate differentials and exploited by the carry trade is simply negligent and as damaging as excessive volatility. Support for taxes on speculative capital flows are in fact gathering support amongst developing nations and even the IMF has joined Cosatu in their call for some degree of intervention. Intervention in the SA context will mean that the SARB will enter the market and buy foreign currency, US$, Euros, Yen etc. with Rands. This will weaken the currency and simultaneously bolster foreign exchange reserves. While this action would increase the money supply, this is not problematic given the prevailing liquidity conditions in the domestic market. The damage inflicted on livelihoods and the productive sector by a currency valued according to financial markets dynamics and not reflecting domestic operational realities is surely a recipe for persistent underperformance. Besides, a weaker currency also protects and relieves pressure on industry whether they produce goods intended for export or compete with imports in the local market, be it mines, manufacturing, agriculture etc. While the inertia lingers, layoffs continue and businesses are going to the wall at the cost of jobs across the economy (1m and counting) while permanently sacrificing productive capacity. The mass of unskilled poor in SA, however is a red herring in this argument.they will remain with us at any exchange rate.and even more people will fall into this category in 5 and 10 years' time thanks to the functionally illiterates produced by the SA education dept. Finally, to continually dismiss the importance of leadership is simply disingenuous and ignores the obvious vacuums that have opened up across our body politic. Leadership comes from the front and its absence in policy directives is painfully evident in the multitude of dysfunctional outcomes around us. So, can SBK operate without a CEO?